Gold held the biggest advance in almost nine months after figures showed that U.S. payrolls rose less than expected and wages stagnated, reducing the possibility of an interest rate increase this year. Palladium climbed to a three-month high.
Bullion for immediate delivery was at $1,137.40 an ounce at 8:03 a.m. in Singapore from $1,138.60 on Friday, when prices surged 2.2 percent at the close, the most since Jan. 15, according to Bloomberg generic pricing. Palladium rose as much as 1.3 percent to $708.60 an ounce, the highest price since June 22.
Bullion investors are tracking U.S. data for clues on the probable timing of a liftoff in rates from the Federal Reserve. The report — which showed employers added 142,000 jobs in September, fewer than the lowest estimate of 96 economists surveyed by Bloomberg — increased the likelihood that near-zero interest rates will persist into next year, buoying the outlook for gold.
“There is an atmosphere in the market that the U.S rate rise is going to be delayed,” Bob Takai, chief executive officer and president of Sumitomo Corp. Global Research, said by phone from Tokyo on Monday. “This is good news for commodities in general.”